Home / Business and Economy / Hut 8 Secures $19.6B in AI Data Center Leases
Hut 8 Secures $19.6B in AI Data Center Leases
22 Jul
Summary
- Hut 8 leased 352 megawatts of AI data center capacity.
- The Beacon Point campus is now fully commercialized.
- New contracts total $19.60 billion in base-term value.
Hut 8 Corp. has successfully commercialized the second phase of its Beacon Point AI data center campus in Texas. This involved a new 15-year triple-net lease for 352 megawatts of IT capacity with a high-investment-grade tenant.
The new agreement brings the total base-term contract value at the Texas site to US$19.60 billion. This development fully contracts the campus's 1,000 megawatts of utility capacity, establishing it as Hut 8's first fully commercialized AI-focused data center. The campus is now backed entirely by long-duration leases with investment-grade counterparties.
This strategic move from volatile Bitcoin mining towards long-term, contracted AI infrastructure is intended to support more durable cash flows for Hut 8. The Beacon Point Phase 2 lease significantly strengthens the near-term "proof point" for this pivot. However, execution risks related to building and energizing these large projects remain a key consideration for investors.
The company's River Bend campus announcement, featuring a 15-year, US$7.0 billion lease for 245 MW with Fluidstack, further underscores that Beacon Point is not an isolated success. These combined projects are expected to drive the catalyst of growing contracted AI data center Net Operating Income (NOI), though potential construction delays or tenant issues could impact the larger project pipeline.
